Practice Quiz

Illinois Real Estate Exam - Question List

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31. If a veteran is eligible for a VA loan, he or she would receive a document from the VA called:
  1. Certificate of Authenticity
  2. Certificate of Approval
  3. Certificate of Met Requirements
  4. Certificate of Eligibility
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32. If you go to a bank or mortgage company to apply for a home, what type of mortgage would you be applying for?
  1. Government
  2. Conventional
  3. American
  4. Adjustable rate
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33. If you have not made your mortgage payment within 30 days of the due date, the mortgage is considered to be in:
  1. arrears
  2. default
  3. trouble
  4. bankruptcy
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34. A lender refers to the process of getting new loans as:
  1. selling his product
  2. loan origination
  3. his bread and butter
  4. more than just a job
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35. A consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one’s credit record is called the:
  1. Credit Reporting Act
  2. Fair Credit Reporting Act
  3. Consumer Protection Act
  4. Truth-in-Lending Act
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